Chances of Sebi going China way

[SpacemanSpiff]

@cvs

(or is it likely to result in unchecked middlemen squeezing out the market at the cost of the other participants, as has been observed in other such systems involving middlemen that managed to obtain

@Meher_Smaran

But at the same time, margins have been crushed over the last decade. People inside the business will tell you: where you might have earned, say, 1 paisa on every ₹100 of turnover in 2010, you’re probably closer to a third of that today—something like 0.3 paisa—because spreads are tighter, competition is fiercer, and transaction costs plus stamp duty eat a big chunk of your edge. The game is no longer about fat spreads; it’s about huge scale and relentless cost optimisation.

More signs that middlemen margin is reducing and not the other way around.